NEWS

SZ Ranks First in China in Economic Competitiveness

29 Jun 2017

Shenzhen has become the most economically competitive city in the country, followed by Hong Kong and Shanghai, according to a report by the Chinese Academy of Social Sciences (CASS).

Taipei, Guangzhou, Tianjin, Beijing, Macao, Suzhou and Wuhan were also on the list of the Top 10 most competitive cities in terms of economy, said the report by the CASS National Academy of Economic Strategy, which evaluated the economic performance of 289 cities on the mainland as well as Hong Kong, Macao and Taiwan.

It showed the robust rise of middle and central Chinese cities in overall economy, as nearly 60 percent of China’s total wealth was accumulated in the top 20 percent of cities. In comparison, the northeastern region saw a diminishing economic role.

City clusters in 10 regions including the Pearl River Delta, Yangtze River Delta and Bohai Sea Rim have formed China’s dominant economic circles. Average economic growth in most city clusters is above the national level, suggesting that they are the main driving force of growth, according to the report.

Despite the economic slowdown in recent years, there’s no evidence that China’s urbanization has lost momentum. The population is increasingly migrating to cities in central China and those at a higher level in the country’s administrative hierarchy.

Ni Pengfei, director of the academy, led researchers to finish the report after six months. In an index of livability, Hong Kong, Wuxi and Guangzhou took the top three spots. Macao, Xiamen, Hangzhou, Shenzhen, Nantong, Nanjing and Shanghai also made the list.